Ethereum (ETH) Awaits Massive Gains as Bitcoin (BTC) Holds Ground

  • BTC appears to rejuvenate its upside moves as the crypto bounces off 4hr demand region, stretching between $41,843 and $42,707.
  • Ethereum signals continued uptrends as the altcoin formed a higher high.
  • Let’s check what the market leaders have.

Bitcoin (BTC) presents a bullish outlook. Though the actions by bulls remain slow, they offer alternative coins an opportunity to rally without challenging obstacles. The previous week reflects the latest surge seen in most alternative cryptos.

BTC price Pushes High

Bitcoin had its price producing a lower low following the 13 January swing peak of $44,439. However, the world’s largest crypto formed a higher low, authorizing a somewhat intact uptrend. As Bitcoin rebounds off the 4hr demand territory in the $41,843 – $42,707 range, market players might expect the token to revisit the past week’s peak at $47,609.

This obstacle stands beneath the 200-day SMA at $48,590. Bitcoin’s upward potential seems capped around the mentioned level in the near term.

If bullish actions fail to emerge within the demand zone of $41,843 – $42,707, it will highlight buyers’ weakness. Such a development might see bears controlling the BTC market, pushing the coin lower towards $41,762. Meanwhile, a 4hr candle close under this mark will violate the bullish picture. Such a development might see Bitcoin dropping to retest the support floor at $39,875.

Ethereum Shows Strength

Ethereum price prints move similar to Bitcoin as the altcoin formed a higher low but could not create a higher high. ETH will retain bullishness if Bitcoin maintains a positive outlook. With that, market players may expect ETH to run towards the 200-day Simple Moving Average near $3,475.

Overcoming this obstacle will open the road for Ether to revisit the 24hr supply zone that stretches between $3,675 and $3,846. The range’s upper limit matched the 50-day Simple Moving Average, showing a possible uptrend for the leading alternative coin.

Despite the bullish scenario, Ether should maintain beyond the weekly support of $3,061 for a meaningful upswing. Violating this footing will mean doubts among ETH buyers. Meanwhile, a daily candlestick close under the demand region’s bottom limit of $2,927 will print a lower low, violating Ethereum’s bullish case.